Please be aware of this. Your lenders will be migrating loan programs away from the LIBOR and over to other, more “stable” indexes during 2020.
Some states, such as New York, have already asked for brokers and lenders to submit a plan to manage the transition. I have a template we can use if you receive such a request.
For most of you, the transition will be effortless as you do not keep the paper, thus no servicing issues regarding the LIBOR.
If you have any questions, here is a great link for information.
That’s it for now.
Nelson A. Locke, Esq